CINCINNATI, Ohio, March 4, 2013 (GLOBE NEWSWIRE) -- via PRWEB - AMP Holding Inc. (OTCBB and OTCQB: AMPD), through a newly formed subsidiary, Amp Trucks, Inc., has entered into a definitive agreement to acquire the assets of the Workhorse® brand.
The agreement has AMP Electric Vehicles acquiring the Workhorse® brand, logo, IP, patents, and assembly plant from Workhorse Custom Chassis, LLC, a wholly owned affiliate of Navistar International Corporation (NYSE:NAV).
The acquisition is expected to close on or about March 13, 2013.
AMP plans to produce Step-Vans and other vehicle types using the former Workhorse Custom Chassis plant in Union City, Indiana. A specific timetable to re-open the Workhorse® plant will be announced as the transition occurs and order backlogs are established.
With this acquisition AMP will be positioned to be the first truck OEM in the United States to offer a range of alternative fuel vehicles produced in an automated assembly plant. By offering an all-electric Workhorse® chassis along with gasoline-powered, and alternative-fuel powered models, AMP will become a premier OEM capable of building alternative fuel vehicles for the commercial market. AMP's vehicles will be sold and supported through the existing Workhorse® network of 440 dealers.
Steve Burns, CEO of AMP said, "Our acquisition of the Workhorse assets will enable us to continue producing the premium-quality chassis that Workhorse is known for while giving us the perfect platform for our battery-electric power-train technology. It makes good strategic sense for us and we expect to be well positioned to meet the ever increasing demands of the market."
About AMP Holding Inc.
AMP Holding is the parent company of Amp Electric Vehicles, a manufacturer of electric drive systems for medium-duty class 3-6 commercial truck platforms. AMP Electric Vehicles, Inc. was founded in 2007 by entrepreneurs who have created several hi-tech companies. The AMP team is comprised of top automotive industry veterans and business executives. AMP has been focused on the electrification of fleet vehicles, including medium-duty class 3-6 trucks and vans. Over the past several years, the company's vehicle electrification technology has provided new solutions to America's energy demands. For additional information visit http://www.ampelectricvehicles.com
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
For Additional Information please contact:
Martin Rucidlo: 513-310-3460: martin.rucidlo(at)ampelectricvehicles(dot)com
Daniel Zito: 513-300-5910: dan.zito(at)ampelectricvehicles(dot)com
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2013/3/prweb10494054.htm
CONTACT: AMP Electric Vehicles Inc. Dan Zito email@example.com 513-300-5910
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